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Short-Term Truckload Spot Rates' Prediction In Consideration Of Temporal And Between-Route Correlations, Wei Xiao, Chuan Xu, Hongling Liu, Hong Yang, Xiaobo Liu

Computational Modeling & Simulation Engineering Faculty Publications

Truckload spot rate (TSR), defined as a price offered on the spot to transport a certain cargo by using an entire truck on a target transportation line, usually price per kilometer-ton, is a key factor in shaping the freight market. In particular, the prediction of short-term TSR is of great importance to the daily operations of the trucking industry. However, existing predictive practices have been limited largely by the availability of multilateral information, such as detailed intraday TSR information. Fortunately, the emerging online freight exchange (OFEX) platforms provide unique opportunities to access and fuse more data for probing the trucking …